Bank of Sharjah’s Ratings Affirmed with a Stable Outlook

Ref: AE006 20 CRA 00- 0 1 1 September 202 1

Bank of Sharjah’s Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has affirmed the Long- Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Bank of Sharjah (BOS) at ‘BBB+’ and ‘A2’ , respectively . At the same time CI Ratings has affirmed BOS’s Bank Standalone Rating (BSR) of ‘bb+’ and Core Financial Strength (CFS) rating of ‘bb-’ . T he Outlo ok for the LT FCR and BSR remains Stable .

BOS’ LT FCR is se t three notches above its BSR. This is heavily underpinned by the high likelihood of the Bank receiving extraordinary support from the UAE government in case of need. The UAE government (sovereign ratings: ‘AA-’/ ‘A1+’/ Stable) has demonstrated support in the past and has the means and the…